True Cost Act

I 118TH CONGRESS 1ST SESSION H. R. 438 To amend section 1105(a) of title 31, United States Code, to require that annual budget submissions of the President to Congress provide an estimate of the cost per taxpayer of the deficit and of the public debt. IN THE HOUSE OF REPRESENTATIVES JANUARY 20, 2023 Mr. STEWART (for himself, Mr. CASE, and Mr. CRENSHAW) introduced the following bill; which was referred to the Committee on the Budget A BILL To amend section 1105(a) of title 31, United States Code, to require that annual budget submissions of the Presi- dent to Congress provide an estimate of the cost per taxpayer of the deficit and of the public debt. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘True Cost Act’’. 4 VerDate Sep 11 2014 01:11 Feb 01, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H438.IH H438 pbinns on DSKJLVW7X2PROD with $$_JOB 2 •HR 438 IH SEC. 2. REQUIREMENT IN BUDGET SUBMISSION WITH RE- 1 SPECT TO THE COST PER TAXPAYER OF THE 2 DEFICIT. 3 Section 1105(a) of title 31, United States Code, is 4 amended by adding at the end the following: 5 ‘‘(40)(A) in the case of a fiscal year in which 6 the budget is projected to result in a deficit, an esti- 7 mate of the pro rata cost of such deficit for tax- 8 payers who will file individual income tax returns for 9 taxable years ending during such fiscal year; and 10 ‘‘(B) in the case of any fiscal year, an estimate 11 of the pro rata cost of the public debt for taxpayers 12 who will file individual income tax returns for tax- 13 able years ending during such fiscal year.’’. 14 Æ VerDate Sep 11 2014 01:11 Feb 01, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H438.IH H438 pbinns on DSKJLVW7X2PROD with $$_JOB